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Following a lengthy legal struggle, former President Donald Trump’s tax returns for the past six years may soon be made public.
The Democratic-led House Ways and Means Committee will meet later Tuesday afternoon to study Trump, 76, and some of his businesses’ tax returns from 2013 to 2018 after the Supreme Court ordered last month that they must be provided to the committee.
Members of the committee can then vote to incorporate the information in a public report to Congress. The Democrats are under pressure to speed the publication of the documents prior to the Republican takeover of the House on January 3.
The Supreme Court provided the returns to the Ways and Means Committee after determining that the panel required them in order to review the IRS’s mandated audits of presidents and vice presidents.
The Democratic-led House Ways and Means Committee will meet to analyze Trump and some of his businesses’ 2013-2018 tax returns in private.
In a statement released last week, committee chairman Richard Neal (D-Massachusetts) said, “Nearly four years ago, the Ways and Means Committee set out to fulfill our legislative and oversight obligations and assess the Internal Revenue Service’s mandated audit program.”
“As confirmed by the Supreme Court, the law was on our side, and I will update the Committee members on Tuesday,” Neal promised.
Trump went on the offense prior to the anticipated disclosure, tweeting on his TruthSocial platform on Sunday that his company was “good on deductions and depreciation.”
Richard Neal, chairman of the Committee, said in a statement that he will inform committee members on December 20.
The 45th president added, “You will soon see these data, but not all from my tax filings, which reveal surprisingly little.”
However, the tax code permits the Ways and Means Committee to include otherwise private material in a public report.
This month in Manhattan, the Trump Organization was convicted of 17 counts of tax fraud, falsifying business documents, conspiracy, and other offences for aiding its executives in defrauding the Internal Revenue Service.
Following a protracted court struggle, Trump’s tax returns for the past six years may soon be made public.
Trump’s longtime accountant, Donald Bender, testified that the former president recorded losses on his tax returns for ten consecutive years, including roughly $700 million in 2009 and $200 million in 2010. The former president was not personally involved in the ruling.
After his predecessor Cyrus Vance Jr. subpoenaed accounting company Mazars USA for eight years of data in 2019, Manhattan District Attorney Alvin Bragg stated last month that his office was examining Trump’s personal finances.
Letitia James, the attorney general of New York, has also filed a fraud action against Trump, alleging that he misled tax officials about the worth of his holdings.
The former Republican president and current contender broke with precedent in 2016 by refusing to voluntarily release his tax records. During a debate that year, he infamously stated that avoiding paying taxes “makes me smart.”
After his predecessor Cyrus Vance Jr. subpoenaed accounting company Mazars USA in 2019, Manhattan District Attorney Alvin Bragg stated that his agency would investigate Trump’s personal finances.
In 2020, the millionaire refuted a New York Times report that he paid only $750 in federal income tax in 2016 and 2017 despite claiming business losses totaling tens of millions of dollars.
In 2017, the typical American taxpayer paid Uncle Sam $12,200, according to IRS data.
The ranking Republican on the committee described the prospective release of Trump’s tax returns as a “political weapon that threatens the privacy of every American”
Rep. Kevin Brady (R-Texas) said in a statement: “In the future, partisans in Congress will have practically unrestricted authority to target political rivals by acquiring and releasing their private tax returns to shame and destroy them.”
“We implore Democrats, in their haste to punish former President Trump, not to use this deadly new political weapon against the American people.”
The Ways and Means Committee will meet on Tuesday, a day after a special commission examining the disturbance at the US Capitol on January 6, 2021 recommended that he be charged with four crimes relating to his efforts to overturn the 2020 election results.
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»House committee is preparing to unveil Donald Trump’s tax returns«